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IAT Reinsurance Portfolio holdings

AUM $310M
1-Year Est. Return 13.37%
This Fund
S&P 500
This Quarter Est. Return
+18.57%
1 Year Est. Return
+13.37%
3 Year Est. Return
+22.45%
5 Year Est. Return
+25.65%
10 Year Est. Return
+209.01%
AUM
$589M
AUM Growth
+$62.5M
Cap. Flow
-$25.1M
Cap. Flow %
-4.26%
Top 10 Hldgs %
70.19%
Holding
147
New
14
Increased
2
Reduced
16
Closed
20

Top Buys

Rank Stock Value
1
HAL icon
Halliburton
HAL
+$4.82M
2
BPYPP
Brookfield Property Partners LP 6.50% Class A Cumulative Redeemable Perpetual Preferred Units
BPYPP
+$1.74M
3
CMSD
CMS Energy Corp 5.875% Junior Subordinated Notes due 2079
CMSD
+$1.52M
4
PRIF.PRC
Priority Income Fund, Inc. 6.625% Series C Term Preferred Stock due 2024, par value $0.01 per share
PRIF.PRC
+$1.49M
5
MGR
Affiliated Managers Group 5.875% Junior Subordinated Notes due 2059
MGR
+$1.47M

Top Sells

Rank Stock Value
1
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$7.57M
2
CMSA
CMS Energy Corp 5.625% Junior Subordinated Notes due 2078
CMSA
+$2.82M
3
DUKB
Duke Energy Corp 5.625% Junior Subordinated Debentures due 2078
DUKB
+$2.35M
4
GS icon
Goldman Sachs
GS
+$2.32M
5
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
+$2.12M

Sector Composition

Rank Sector Weight
1 Materials 37.5%
2 Financials 16.35%
3 Real Estate 9.43%
4 Industrials 6.48%
5 Healthcare 4.81%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
QVCD
26
DELISTED
QVC Inc 6.375% Senior Secured Notes due 2067
QVCD
$2.45M 0.42%
100,000
– –
CDK
27
DELISTED
CDK Global, Inc.
CDK
$2.42M 0.41%
41,164
– –
WFC icon
28
Wells Fargo
WFC
$261B
$2.42M 0.41%
50,000
– –
IBM icon
29
IBM
IBM
$211B
$2.24M 0.38%
16,604
– –
GPC icon
30
Genuine Parts
GPC
$17.1B
$2.14M 0.36%
19,108
– –
JPM.PRD icon
31
JPMorgan Chase & Co 5.75% Series DD Preferred Stock
JPM.PRD
$1.64B
$2.06M 0.35%
80,000
– –
EPR.PRG icon
32
EPR Properties 5.750% Series G Preferred Shares
EPR.PRG
$126M
$2.02M 0.34%
85,000
– –
PRIF.PRA
33
DELISTED
Priority Income Fund, Inc. 6.375% Series A Term Preferred Stock due 2025
PRIF.PRA
$2M 0.34%
80,000
– –
CVX icon
34
Chevron
CVX
$392B
$1.97M 0.33%
16,000
– –
NCZ.PRA
35
Virtus Convertible & Income Fund II 5.50% Series A Preferred Stock
NCZ.PRA
$87.8M
$1.9M 0.32%
80,000
– –
OAK.PRB
36
Brookfield Oaktree Holdings LLC 6.550% Series B Preferred Units
OAK.PRB
$873M
$1.87M 0.32%
75,000
– –
LTSL
37
DELISTED
Ladenburg Thalmann Financial Services Inc. 6.50% Senior Notes due 2027
LTSL
$1.87M 0.32%
80,000
– –
LM
38
DELISTED
Legg Mason, Inc.
LM
$1.83M 0.31%
67,000
– –
BRK.A icon
39
Berkshire Hathaway Class A
BRK.A
$1.1T
$1.81M 0.31%
6
-25
-81% -$7.57M
DFP
40
DELISTED
DELPHI FINL GROUP, INC 7.376% FXD TO FLTNG RT JR SUB
DFP
$1.78M 0.3%
77,797
– –
ECCY
41
DELISTED
Eagle Point Credit Company Inc. 6.75% Notes due 2027
ECCY
$1.78M 0.3%
70,000
– –
BPYPP
42
Brookfield Property Partners LP 6.50% Class A Cumulative Redeemable Perpetual Preferred Units
BPYPP
$118M
$1.74M 0.3%
+70,000
New +$1.74M
AQNA
43
DELISTED
Algonquin Power & Utilities Corp 6.875% Series 2018-A
AQNA
$1.63M 0.28%
60,000
-20,000
-25% -$523K
TCGP
44
DELISTED
The Carlyle Group L.P. 5.875 Percent Series A Preferred Units
TCGP
$1.61M 0.27%
70,000
– –
T icon
45
AT&T
T
$159B
$1.57M 0.27%
66,200
– –
CMSD
46
CMS Energy Corp 5.875% Junior Subordinated Notes due 2079
CMSD
$557M
$1.54M 0.26%
+60,000
New +$1.52M
ESGRP
47
DELISTED
Enstar Group Depositary Shares Rep 1/1000 Preference Shares
ESGRP
$1.52M 0.26%
60,000
– –
BHFAL
48
Brighthouse Financial 6.25% Junior Subordinated Debentures due 2058
BHFAL
$1.51M 0.26%
60,000
– –
PRIF.PRC
49
DELISTED
Priority Income Fund, Inc. 6.625% Series C Term Preferred Stock due 2024, par value $0.01 per share
PRIF.PRC
$1.48M 0.25%
+60,000
New +$1.49M
MGR
50
Affiliated Managers Group 5.875% Junior Subordinated Notes due 2059
MGR
$1.48M 0.25%
+60,000
New +$1.47M
1
2
3 4 5

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IAT Reinsurance's Q1 2019 Portfolio in Review

As of Q1 2019, IAT Reinsurance held 147 positions worth $589M, up 12% from $526M the previous quarter. Its ten largest holdings account for 70% of the portfolio.

IAT Reinsurance withdrew a net $25.1M in Q1 2019, closing 20 positions and reducing 16 holdings. Its most notable exit was CMS Energy Corp 5.625% Junior Subordinated Notes due 2078, an estimated $2.82M position sold in full.

By sector, the portfolio is most concentrated in Materials at 38% of assets, up from 33% a quarter earlier, followed by Financials and Real Estate.

Against the trend, IAT Reinsurance opened a new position in Halliburton worth $4.67M.

  • IAT Reinsurance's largest Q1 2019 buy was Halliburton: 159,500 shares worth $4.67M.
  • IAT Reinsurance added most to Walt Disney in Q1 2019, an estimated $1.18M increase.
  • IAT Reinsurance's biggest Q1 2019 reduction was Berkshire Hathaway Class A, cutting an estimated $7.57M.
  • IAT Reinsurance fully exited CMS Energy Corp 5.625% Junior Subordinated Notes due 2078 in Q1 2019, selling an estimated $2.82M.
  • IAT Reinsurance's ten largest holdings make up 70% of its $589M portfolio in Q1 2019.
  • IAT Reinsurance opened 14 new positions and closed 20 in Q1 2019.
  • IAT Reinsurance's portfolio value rose 12% quarter-over-quarter to $589M.

Based on IAT Reinsurance's 13F filing for Q1 2019, filed 14 May 2019.